Chase called...they are expediting our file...

[maryland7]

After receiving our "your modification at risk" letter today and talking to our totally clueless contact at Chase, he demanded to speak to a supervisor. We shortly got a call back from our contact who said that our file has been expedited and has been reviewed by an underwriter. They need to do an internal BPO to get the final value (for the npv model???) and new pay stubs (of course...3 times wasn't enough for them). They are going to have to do such a large forebearance amount that they need to decide if it is worthwhile or not. I'm hoping that we will know one way or another soon.

Some progress...maybe...

[Moe Bedard]

Hopefully this is good news and not just hot air. I guess hope for the best and plan for the worst is the ongoing theme here on LoanSafe.

I wish you the best of luck!

[litehouse01]

That's good news for you..I hope they come thru with what they promised you.....I called Chase today 3 times to get some sort of status or update as I am getting ready to make my 3rd hamp payment on both the 1st and 2nd mortgage...the first call I was told by a nasty lady the system was completely down call back...so I waited and called back got a guy who said "Oh you have a Fannie Mae Loan" then he put me on hold for 5 minutes he then gave me a phone number to call which was loss mitt(because we are 4 months behind) whom I called and was told no nothing new... I said when will they ask for updated bank statements and paystubs he said not until after the 3rd trial pyt is made and not to call back until 2 weeks after that to see if there is any update(no garuntee).....The thing that bothers me the most is when they either put you on hold or there is silence for a while as if they are reading something about you they don't want you to know and I always say "Is there a problem?" But they are sure to tell me everytime I call I have a Fannie Mae Loan so hopefully thats a good thing...My anxioty level is very high waiting for this to come to an end a positive one I hope..Just looked at my home value on Chase Home Values.com and its less than Zillow they had me at 443k and Chase has me at 403K I think the more underwater you are the better I owe about 477k I paid 510k in 2006.

[litehouse01]

I forgot to say Chase on our 2nd mortgage ordered a BPO which they did last week..thats because the 2nd mortgage is progressing faster and our file is in the pre closing dept on the 2nd mortgage side they were atament it be done and now. They completed it last week. They just came in went all thru the house every room (including the closet) and took pictures then went outside and took pictures of all sides of the house and the garage.

[cmarquesjr]

Litehouse, they did what? they come in your house and take pictures of everything? why?

[litehouse01]

They in the second mortgage dept ordered a BPO when you are currently in default they have the right to come and inspect the property. They take pictures as I stated as an appriaser would do of the property. Chase wanted it done right away..I asked if they would also request the same(to come in) on the 1st mortgage she didn't have an answer but said they sometimes share the results with each other. It kinda bothered me but I didn't have a choice.

[litehouse01]

Oh and one more thing she said it is done to make sure the value is still there...in other words that you are really living there and the place hasn't been stripped to the bare walls.....I talked to the guy who came to do the BPO who works for a company called First American thats who Chas uses..he said that some people try and get the modification and don't live in the house...some have alot of damage he said he went to one house that had a foot of water in the basement..some have appliances missing he said the bank has to make sure there is value in the property before considering a permenate mod

[art4ari]

interesting... I wonder what they would make of mine.

During the good times I remodeled the kitchen, installed new granite and a new island, but some cabinetry is not installed (carpenter wouldnt do it until paid). A patio with permit, unfinished. Outdoor kitchen, unfinished. Two rooms without carpet. New Crown molding and baseboard. New tile flooring in some areas. An unfinished entrance and new block fence. New chandeliers and recess lights. Custom Iron work.

Lots of upgrades but many unfinished. Run out of money 3 years ago.

Ah almost forgot!

Air conditioning unit blew up yesterday! 7k to replace.

I wll need another 20k to complete all the work and AC.

Will the appraisar let chase know about this "minor details?"

NO mod= they can keep it and finish the work.

[litehouse01]

Art4ari...are you any closing to getting your permenate modification???

[art4ari]

Hi again! I finished my trial sept 1. Havent heard from anyone, I will call again this week to see if they got my updated financials (faxed AND mailed)... I signed and returned the MHA papers with my first payment.

Not feeling very positive about this one. I may have to reapply again.

Reasons:

1. My trial payment is too low
2. They put me on "trial" without 2008 taxes ( did not work 2008 at all). A BK lawyer told me the MHA wants taxes to be able to audit later.
3. I dont know the details of the "offer".
4. I was told once by a rep I was on a forbearance program. Then another one said it was a sure deal with MHA.
4. No contract signatue from chase.
5. I have 1000.00 of monthly income as shared costs with someone else deposited in my bank account as a cashiers check. Moe mentioned they wont not consider anything as nonverifyiable income.
6.Got a new job offer closer to my house during trial, with slightly higher income.

No collection calls, nothing. Last time I called, my file was with a monitor. Nothing else. I will schedule my 4th payment this week. I have soo many questions and dont know what to do anymore

[litehouse01]

When you say the BK attorney said they want to audit taxes later what do you mean? Flag us because we got a modification with the IRS?

[litehouse01]

When did they ask for your updated financials after you made your 3rd payment? Because thats what he told me today they won't ask until maybe after I make the 3rd payment next week and not to call and check until 2 weeks after that..does that sound right to you?

[art4ari]

I went with a friend to consult for BK for his business not making profits. We asked about MHAP program and my friend said something about filing taxes according to the lender "requirements" if necesary to qualify for it... not sure what he meant but I am assuming my friend would be willing to file whatever amount necesary to qualify for the Obama plan.

The BK lawyer said exactly this:

"... you can file as much as you want, but be careful because this is a gov program and chances are the IRS could get their hands into this and probably will (rubbing hands) and say: "There is something to get out in here"...so watch out unless you are willing to be audited and pay". I can see his smiley face with an expression of "dont do it".

obviously he is implying something we dont know. It was interesting to hear this because there is a posting somewhere in here about why the servicers asking tax returns so much just for HAMP trials and not so much for in house mods.

Any toughts about this?

Check my postings, is there somewhere from yesterday or saturday... Moe replied and agreed with the original post.

[art4ari]

Originally Posted by litehouse01

When did they ask for your updated financials after you made your 3rd payment? Because thats what he told me today they won't ask until maybe after I make the 3rd payment next week and not to call and check until 2 weeks after that..does that sound right to you?

They asked me for the updated financials exaclty on Augst 18 (2 weeks before my final payment) when I sheduled my third payment for september. The rep stressesed I should send them right away, but I waited because I had questions about my income not being enough. So I waited for the best paycheck 2 weeks later.

If you ask me, i should mail them, (no fax) anyways. if they are going to need them why wait if you have them, right? On the other hand it takes about a week to be uploaded into your file, this updated financials should not "expire" until the followng month of new paystubs and statements.

Its my humble opinion.

[litehouse01]

Strange..I asked them why they haven't called about asking me for updated financials and for some reason they put me off and tell me to call 2 weeks after the 3rd payment is made? As far as the tax issue its like playing with fire..the only thing to do is be on the up and up always and then you don't have anything to worry about....I think we will pay this year we haven't paid in alot and have less mortgage interest to claim because we are behind and they went ahead and just paid the 2010 property taxes so I can't claim that either....YUCK

[art4ari]

So, litehouse, what are you going to do? About my experience with the answer I gave you...

I was super-nice to this rep and asked him with an angelical voice (yes I am a girl) "Would you be so kind to guide me about what to do next? I really dont know where I am standing now" And he took a sec and told me to fax them right away, followed by "dont be late on your last payment for anything, would you like me to set up your final payment? I am happy to wave the fee for you, you will get a confirmation on the mail and everything should be fine for you..your file is with the monitor so and so, everything appears to be in order, keep sending your updated info until they call you, be patient, be patient." The next day I got a customer service survey about my experience with this rep.

[litehouse01]

Was the number you called and spoke to this person in Loss Mitigation?

[art4ari]

Originally Posted by litehouse01

Was the number you called and spoke to this person in Loss Mitigation?

1866 926-8937. His name Glenn. I think it was just collections, but I am sure he could see more on the screen about my case than just collections.